Is it time to hit the road in style with a new car or two-wheeler? Uttar Bihar Gramin Bank is here to help you turn that dream into reality with their easy and affordable vehicle loans. Whether you’re eyeing a sleek four-wheeler or a zippy two-wheeler, we’ve got you covered.
Table of Contents
Eligibility
Uttar Bihar Gramin Bank vehicle loans are accessible to a wide range of individuals. Here’s who can apply:
- Individuals: If you’re looking for a vehicle loan as an individual, you’re eligible.
- Age Requirement: Applicants must be 18 years or older but no older than 65 years.
- Minimum Annual Income:
- For Two-Wheelers: Rs. 1,80,000/-
- For Four-Wheelers: Rs. 3,00,000/-
Loan Amount
Uttar Bihar Gramin Bank offers flexibility in loan amounts, depending on your annual income:
For Two-Wheelers
You can get a loan for up to Rs. 3.00 Lakh.
For Four-Wheelers
You’re eligible for loans of up to Rs. 50.00 Lakh.
Additionally, you can access loans up to 2 times your annual income or 24 times your monthly salary.
Margin Requirements
Margin requirements vary based on the loan amount:
- For loans up to Rs. 20 Lakh, the minimum margin is 10%.
- For loans above Rs. 20 Lakh, the minimum margin is 20%.
This ensures that you can easily access the funds needed to drive your new vehicle home.
Rate of Interest
Uttar Bihar Gramin Bank offers competitive interest rates for vehicle loans, making your dream ride even more affordable. The interest rates range from 8.50% to 9.00% for salaried borrowers and 8.60% to 9.00% for non-salaried borrowers.
Loan Tenure
The bank offers flexible repayment periods based on the type of vehicle:
- For Two-Wheelers: The maximum loan tenure is 60 months.
- For Four-Wheelers: You can avail of a loan tenure of up to 84 months.
This extended tenure allows you to repay your vehicle loan at your own pace.
Security
Your new vehicle will serve as security for the loan. It will be hypothecated to the bank until the loan is fully repaid.
Prepayment Option
Uttar Bihar Gramin Bank believes in hassle-free loan experiences. There are no prepayment charges, giving you the flexibility to close your loan ahead of schedule without incurring any additional costs.
Get Ready to Hit the Road
With Uttar Bihar Gramin Bank’s vehicle loans, upgrading your ride has never been easier. Whether it’s a fuel-efficient scooter, a powerful motorcycle, or a stylish car, the bank provides the financial support you need. Don’t wait any longer; get ready to hit the road in your dream vehicle with Uttar Bihar Gramin Bank.